Bitcoin Network Stats Update: Twitter Activity Drops, Transactions Per Day Up 40%, Fees Down 76%
The Bitcoin world has certainly come a long way over the last several years.
While recent memory has been filled with more price slumps and lagging markets than optimism, the popular cryptocurrency did achieve a (small) but still noteworthy achievement for 2019.
Recently, the Bitcoin price crossed the $4,000 threshold, which represents the first time it’s passed this figure since February 24th. Now the cryptocurrency sits at just above $4,100.
The first time Bitcoin jumped past the $4,000 mark was back in August 2017. Just a few months later, the cryptocurrency was pushing almost $20,000.
While much has changed in the Bitcoin world since the summer of 2017, a lot has also stayed the same. Here’s some of the highlights.
Nothing’s Really Changed With Wallet Addresses
The number of unique Bitcoin wallet addresses has stayed pretty static from August 2017 in comparison to the current day. On March 29th, Longhash wrote how Bitcoin’s blockchain was home to about 517,101 unique wallet addresses. On August 13th, 2017, the Bitcoin blockchain held 516,470 unique addresses.
Twitter Interaction Has Taken A Dive
Tweets about the cryptocurrency have starkly declined since the summer of 2017. BitInfoCharts said “#Bitcoin” made its way into 19,794 tweets on March 29th. This is about 59% less than what was seen on August 13th, 2017 (47,827).
While these figures are just from a couple of moments in time, chatter about Bitcoin across the world has changed a lot, especially as prices started to plummet across 2018.
Lots More Transactions
Longhash noted how the number of confirmed Bitcoin transactions numbered 369,817 on March 29th. 263,310 were found confirmed on August 13th, 2017. Despite these figures, the daily transaction value of Bitcoin has seemingly decreased in the present day, going from $926 million “back when it first broke the $4,100 USD mark,” to $812+ million (March 29th) and $627 million (March 28th).
Fees Have Drastically Fallen
Transaction fees for Bitcoin are markedly different than they were back in August 2017. The average fee on August 13th, 2017 was about $2.91 USD. Now the average transaction cost is around 70 cents.
Reasons for the big dip are said to include better handling methods, solutions like the Lightning Network that help with scaling, and a good amount of Bitcoin network activity.
However, some have criticized the Lightning Network for several perceived flaws that could hinder its use. A piece by Peter Rizun, chief scientist at Bitcoin Unlimited, noted how the Network’s hash and time locks could not be used to protect certain transactions if the payment was too small.